Sri Lanka’s apparel sector confident of surpassing US$ 5 billion in export earnings this year
The apparel sector in Sri Lanka has reportedly stated that the industry is confident of surpassing US$ 5 billion export earnings by the end of the year following the nearly 10% growth recorded so far.
“During the first five months of the year exports grew to 9.4% to $ 2.25 billion. We are confident that the industry will achieve US$5.5 billion by the end of this year,” Sri Lanka Apparel Exporters Association (SLAEA) Chairman Rehan Lakhany has told the Daily FT.
The apparel industry recorded US$ 5 billion export earnings last year and has set a long-term target of US$ 8 billion by 2025. “We believe with the achievements we have seen in the first half of this year, we are on track to achieve our goals by 2025,” he has noted.
Despite the slight dip that might occur during the months of August and September orders due to the Easter Sunday terror attacks setback, Lakhany believes the growth momentum in the industry will continue, the report stated.
“We have seen the highest growth in our industry during the past five years and the all-time high exports for this year recorded during the month of May with our earnings exceeding $2.25 billion and recording a growth of 9.23%,” he has added.
OSL take:
Sri Lanka’s apparel exports are on a growth path and the many trade agreements as well as trade concessions enjoyed by the country have helped the sector acheive its revenue targets. The confidence expressed by the local apparel industry on surpassing last year’s exports revenue has made Sri Lanka’s apparel industry one of the best business/investment opportunities in Sri Lanka for foreign businesses/investors.
| Article Code : | VBS/AT/31072019/Z_3 |